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Spanish economy

Bank of Spain

Spanish economy 25th April 2014

Spain reaches 0.4% GDP 1Q growth –the fastest rate in 6 years

MADRID | By Julia Pastor | Spain grows slowly but at a firm pace. Bank of Spain estimates that the country’s GDP increased by 0.4% in the first three months of present year against previous quarter when it rose 0.2%. This also means that year-on- year rate climbs by 0.5% reaching positive territory for the first time after nine consecutive quarters falling. After a painful recession, the government was euphoric to announce the biggest leap forward in six years.

 

Gamesa

Spanish economy 25th April 2014

Spanish Gamesa plants Finland’s most powerful wind turbines

MADRID | By Julia Pastor | Spain’s manufacturer Gamesa opened earlier this week its first wind farm in Finland. This operation is strategic for the firm because of the Nordic country’s market- it could install about 1,550 MW of wind energy in next four years-. Beating Danish Vestas, the largest firm of wind turbines in the world, makes the project even more noticeable.

 

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Spanish economy 22nd April 2014

Bad debt in Spain decreased by €2bn after 3 years rising

MADRID | By The Corner | NPLs in Spain’s banking sector fell by 9 basis points to 13.6% in February. This means just a slight contraction, but it’s still the first drop in terms of standardization since the crisis began. Indeed, the rate has not been affected this time by the transferral of real assets to the bad bank Sareb of 2012 and 2013 or the methodology changes fixed in at the beginning of present year.

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In Europe, Spanish economy 16th April 2014

Spain: Optimism, ma non troppo

BARCELONA | By Joan Tapia | Optimism over Spanish recovery should be refined. The so much discussed but effective economic management of Spain’s government is not well transferred to political confidence. As citizens place their political confidence at 29.5 points against 29.9 points of trust in the economy,  businessmen have gone in terms of political confidence from a poor 2.16 to another poor 2.33.

Real state

Spanish economy 9th April 2014

Spanish housing market 180º turn

MADRID | By Julia Pastor | The wretched Spanish housing market has been giving timid but solid signs of recovery. Last data point to an investment increase of 60% to €4 bn which will mainly be led by international investors, as appraisers at Spanish Tinsa reported. Meanwhile, midcap Colonial symbolizes the falling as well as the revival of national property sector thanks to a new debt refinancing contract signed partly with sovereign funds and a capital increase entered by foreign investors.

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Spanish economy 4th April 2014

Spain reaches surplus for the first time in 15 years

MADRID | By Julia Pastor | When the crisis began in 2007 Spain’s external deficit was over 10% of GDP. It was along with U.S the highest in the world. The country’s economy, however, closed year 2013 with financing capacity for the first time since 1998, reaching to 1.5% of GDP and amounting €15.6 bn. This means Spanish external position shifts direction, thus being capable not only of paying its debt but also generating money for other countries to lend.

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Spanish economy 3rd April 2014

4.8 million of Spanish jobless, unacceptable for 4th EZ economy

MADRID | By Francisco López | Figures of March’s unemployment in Spain are clearly good, although talking about a trend change in labour market seems sort of unwise given current indicators of growth, deficit and debt. Therefore, Spanish Ministry of Economy Luis de Guindos anticipated a modification of the economic estimations that will be sent to the European Comission before the end of April. 

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Spanish economy 31st March 2014

Spain sees sovereign debt interests go down by 50%

MADRID | By Julia Pastor | Spanish public Treasury will have its weekly appointment with investors on Thursday. This time the country will issue bonds with maturities of 5, 10 and 12 years, respectively. There would be nothing unusual about it if international investors’ appetite for the Spanish sovereign debt were usual. However, interests in national treasuries currently reach levels of the 90’s when, before euro’s introduction, those bought Spain’s debt during seven quarters without a break. The institution even considers the possibility of creating 50 years bonds. At this moment, the Spanish 10 years bonds yield under 3.25%. As the summer comes the benchmark debt could stand at around 3%.

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Spanish economy 30th March 2014

Repsol is to attract more sovereign funds to Spain

MADRID | By Julia Pastor | Spanish oil company Repsol could sell two block of shares reaching 10% to sovereign funds. The presence of this kind of investors in Spain is not new, much less in strategy sectors such as energy, but the point is that corporate managing teams have allowed those to enter their capital and look under the rug. Furthermore, sovereign funds’ investments criteria such as will of permanence, long term view and sustainability are always good news for a firm. Singapore’s Temasek fund already holds 5% of Repsol, while Qatar’s has also participation in other national energy companies. Therefore, both would have more options to be those packages’ next owners.

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Spanish economy 25th March 2014

It’s raining (Spanish debt), man!

MADRID | By Francisco López | Spanish debt’s low interests in the beginning of the year have resulted in a flood of Treasuries as well as corporate and regional bonds. Just last week,  the country’s public Treasury placed more than €8 billion and financed 33% of € 133.3bn foreseen by the end of 2014 in less than three months.